BAS Group, a Nigerian diversified financial services group, has acquired a majority stake in Zuvy, a local fintech startup focused on invoice financing. The company now owns over 50% of Zuvy following the acquisition, though both parties declined to disclose the exact financial terms.
Based on Zuvy’s previously reported $4.5 million in funding — of which only $580,000 was equity — the majority stake could be valued between $1.5 million and $3 million, depending on valuation growth and revenue multiples.
As part of the deal, BAS Group’s Chief Operating Officer, Adnan Kayode, will now lead Zuvy. The company is expected to continue operating independently, and no layoffs are anticipated as a result of the acquisition.
Zuvy was co-founded in 2023 by Angel Onuoha, a former Google product manager, and Ahmed Shehu. The startup provides invoice financing to businesses across the FMCG, healthcare, and supply chain industries. Over the past two years, Zuvy claims to have financed invoices cumulatively worth more than ₦1 billion for over 1,500 small businesses.
Earlier this year, BAS Group launched a lending business offering collateralised loans to small and medium-sized enterprises. The acquisition of Zuvy enables the group to expand into uncollateralised lending, broadening its service capabilities.
BAS Group’s Founder and CEO, Abdulateef Hussein, described the acquisition as more than just an expansion.
“This acquisition of Zuvy goes beyond simply expanding our investment portfolio — it represents a strategic alignment with our core mission of developing a comprehensive, technology-enabled financial ecosystem for Africa,” he said.
The group had been aware of Zuvy’s operations for several years and closely followed its performance. According to Hussein, Zuvy’s strong track record, particularly its low non-performing loan ratio, stood out alongside the success of competitors like Vendorcredit, ultimately driving BAS’ acquisition decision.
Zuvy’s co-founders, Onuoha and Shehu, have stepped away from their operational roles to focus on Avelis Health, a new healthtech venture helping Americans identify inflated medical bills and automate appeals.
Avelis has already been accepted into Y Combinator. Both founders will retain minority stakes in Zuvy, and none of Zuvy’s previous investors have exited the company.
“We take great pride in Zuvy’s accomplishments and the positive impact we’ve created for thousands of Nigerian enterprises,” Onuoha said in a statement. “BAS Group represents the perfect partner to advance Zuvy’s growth trajectory while we focus our efforts on addressing critical healthcare challenges in the American market.”
